Exhibit 12
Computation of Ratios of Earnings to Fixed Charges
| Dollars in thousands |
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| Quarter Ended 3/27/05 |
Fiscal Years Ended |
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| 12/26/04 |
12/28/03 |
12/29/02 |
12/30/01 |
12/31/00 |
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| Earnings Available for Fixed Charges: |
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| Income from continuing operations before income taxes |
$ | 409,023 | $ | 2,015,364 | $ | 1,861,337 | $ | 1,765,751 | $ | 1,413,444 | $ | 1,652,026 | ||||||||||||
| Add: fixed charges |
50,720 | 165,180 | 161,518 | 167,010 | 250,103 | 251,105 | ||||||||||||||||||
| Add: amortization of capitalized interest |
545 | 2,012 | 2,006 | 1,962 | 1,715 | 1,800 | ||||||||||||||||||
| Add: distributed income of equity investees |
4,554 | 12,259 | 14,016 | 13,500 | 17,516 | 7,832 | ||||||||||||||||||
| Less: interest capitalized |
(683 | ) | (4,802 | ) | (3,355 | ) | (2,074 | ) | (8,550 | ) | (11,167 | ) | ||||||||||||
| Adjusted Earnings |
$ | 464,159 | $ | 2,190,013 | $ | 2,035,522 | $ | 1,946,149 | $ | 1,674,228 | $ | 1,901,596 | ||||||||||||
| Fixed Charges: |
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| Interest on indebtedness, excluding capitalized interest |
$ | 44,938 | $ | 140,647 | $ | 139,271 | $ | 146,359 | $ | 221,854 | $ | 219,228 | ||||||||||||
| Capitalized interest |
683 | 4,802 | 3,355 | 2,074 | 8,550 | 11,167 | ||||||||||||||||||
| Portion of rents representative of interest factor |
5,099 | 19,731 | 18,892 | 18,577 | 19,699 | 20,710 | ||||||||||||||||||
| Fixed Charges |
$ | 50,720 | $ | 165,180 | $ | 161,518 | $ | 167,010 | $ | 250,103 | $ | 251,105 | ||||||||||||
| Ratio of Earnings to Fixed Charges |
9.2 | 13.3 | 12.6 | 11.7 | 6.7 | 7.6 | ||||||||||||||||||